| Reverse Mortgage Portfolio Composition |
7. Reverse Mortgage Portfolio Composition
The table below summarizes the composition and the outstanding UPB of the reverse mortgage loan portfolio serviced by the Company (in thousands):
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March 31, 2024 |
|
December 31, 2023 |
| Reverse mortgage loans: |
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|
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| Reverse mortgage loans held for investment, subject to HMBS related obligations |
|
$ |
17,113,496
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|
|
$ |
16,875,437 |
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| Reverse mortgage loans held for investment, subject to nonrecourse debt: |
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|
|
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| Performing HECM buyouts |
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215,839
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|
|
216,184 |
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| Nonperforming HECM buyouts |
|
382,644
|
|
|
409,965 |
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| Non-agency reverse mortgages |
|
7,885,478
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|
|
7,631,601 |
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| Total reverse mortgage loans held for investment, subject to nonrecourse debt |
|
8,483,961
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|
|
8,257,750 |
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|
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| Reverse mortgage loans held for investment: |
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|
|
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| Non-agency reverse mortgages |
|
243,500
|
|
|
241,424 |
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HECM loans not securitized(1)
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|
107,309
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|
|
101,820 |
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Unpoolable HECM loans(2)
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|
157,032
|
|
|
203,957 |
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| Unpoolable HECM tails |
|
11,396
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|
|
11,376 |
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| Total reverse mortgage loans held for investment |
|
519,237
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|
|
558,577 |
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|
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| Total owned reverse mortgage portfolio |
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26,116,694
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|
|
25,691,764 |
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| Loans reclassified as government guaranteed receivable |
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72,981
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|
|
94,636 |
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| Loans serviced for others |
|
156,220
|
|
|
164,742 |
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| Total serviced reverse mortgage loan portfolio |
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$ |
26,345,895
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|
|
$ |
25,951,142 |
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(1) Loans not securitized represent primarily newly originated loans and poolable tails.
(2) Unpoolable loans represent primarily loans that have reached 98% of their maximum claim amount (“MCA”).
The table below summarizes the reverse mortgage portfolio owned by the Company by product type (in thousands):
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|
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March 31, 2024 |
|
December 31, 2023 |
| Fixed rate loans |
|
$ |
6,951,821
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|
|
$ |
6,817,176 |
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| Adjustable rate loans |
|
19,164,873
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|
|
18,874,588 |
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| Total owned reverse mortgage portfolio |
|
$ |
26,116,694
|
|
|
$ |
25,691,764 |
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